Company registration number 11165129 (England and Wales)
Ambra Polymers Limited
Financial Statements
For the year ended 31 December 2023
PAGES FOR FILING WITH REGISTRAR
Ambra Polymers Limited
Contents
Page
Company information
1
Balance sheet
2
Notes to the financial statements
3 - 6
Ambra Polymers Limited
Company Information
- 1 -
Director
D Santoro
Company number
11165129
Registered office
The Innovation Centre
Festival Drive Victoria Business Park
Ebbw Vale
Blaenau
Gwent
NP23 8XA
Auditor
Gilberts Chartered Accountants
Pendragon House
65 London Road
St Albans
Hertfordshire
AL1 1LJ
Ambra Polymers Limited
Balance sheet
For the year ended 31 December 2023
- 2 -
2023
2022
Notes
£
£
£
£
Current assets
Stocks
305,673
199,915
Debtors
3
112,775
74,230
Cash at bank and in hand
375,485
473,702
793,933
747,847
Creditors: amounts falling due within one year
4
(148,021)
(200,152)
Net current assets
645,912
547,695
Capital and reserves
Called up share capital
5
100,000
100,000
Profit and loss reserves
545,912
447,695
Total equity
645,912
547,695
The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved and signed by the director and authorised for issue on 22 April 2024
D Santoro
Director
Company registration number 11165129 (England and Wales)
Ambra Polymers Limited
Notes to the Financial Statements
For the year ended 31 December 2023
- 3 -
1
Accounting policies
Company information
Ambra Polymers Limited is a private company limited by shares incorporated in England and Wales. The registered office is The Innovation Centre, Festival Drive Victoria Business Park, Ebbw Vale, Blaenau, Gwent, NP23 8XA.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Going concern
It is the intention of the directors to merge the trade and assets of the company into Ultrapolymers Limited post year end, after which the company will cease to trade. Therefore, the directors do not believe the going concern basis is appropriate and the financial statements have been prepared on a basis other than that of going concern. true
1.3
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer, the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.
1.4
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.
Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.
1.5
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
Ambra Polymers Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2023
1
Accounting policies
(Continued)
- 4 -
1.6
Financial instruments
The company has elected to apply the provisions of Section 11 and Section 12 of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present fair value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Basic financial liabilities
Basic financial liabilities, which include trade and other payables and bank loans, are initially measured at transaction price and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present fair value of the future receipts discounted at a market rate of interest.
1.7
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.8
Taxation
The tax expense represents the sum of the tax currently payable.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
1.9
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.10
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
2
2
Ambra Polymers Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2023
2
Employees
(Continued)
- 5 -
A defined contribution pension scheme is operated by the company on behalf of its employees. The assets of the scheme are held separately from those of the company in an independently administered fund. The pension charge represents contributions payable by the company to the fund and amounted to £1,651 (2022 - £1,439).
3
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
95,053
40,081
Other debtors
17,722
34,149
112,775
74,230
4
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
9,737
3,749
Corporation tax
30,206
49,553
Other taxation and social security
40,078
55,496
Other creditors
68,000
91,354
148,021
200,152
5
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
100,000
100,000
100,000
100,000
6
Audit report information
As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:
The auditor's report was unqualified.
Senior Statutory Auditor:
Luke Parker ACA
Statutory Auditor:
Gilberts Chartered Accountants
Date of audit report:
22 April 2024
7
Related party transactions
Ambra Polymers Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2023
7
Related party transactions
(Continued)
- 6 -
The company has taken advantage of the exemptions for qualifying subsidiary undertakings not to include details of transactions with other group companies.
8
Parent company
During the year, the company remained a wholly owned subsidiary of Ambra Polimeri S.R.L., a company incorporated in Italy. The registered office is Via Celeste Milani, 21040 Orrigio (Va), Italy.
As at 14 February 2024, the company was purchased by Ultrapolymers Limited, which remains the immediate parent at the date of approval of the financial statements. Ultrapolymers Limited is a company incorporated in England and Wales. The registered office is Beechfarm Lymm Road, Thelwall, Warrington, Cheshire, WA4 2TG.
The ultimate parent is Ravago S.A., a company incorporated in Luxembourg. The registered office is Rue de Merl 76-78, 2146 Luxembourg, Grand Duchy of Luxembourg.
9
Subsequent events
The company was purchased by Ultrapolymers Limited on 14 February 2024. It is the intention of the directors to merge the trade and assets of the company into Ultrapolymers Limited post year end, after which the company will cease to trade.